KBW 2022: Crypto.com hits key regulatory milestone in South Korea
“This is an exciting next step for Crypto.com in an important market,” said co-founder and CEO Kris Marszalek. Crypto exchange Crypto.com says it achieved a key milestone in South Korea after securing two local companies, giving it access to crypto and payments registration in the country. The news came during Korea Blockchain Week 2022 after the company announced it acquired payment service provider 'PnLink Co. Ltd.' and virtual asset service provider 'OK-BIT Co. Ltd.'The move means they have now secured Electronic Financial Transaction Act and Virtual Asset Service Provider Registration....
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The cryptocurrency industry in South Korea keeps facing regulatory challenges, and it seems that dust is far from settling. Now, crypto miners will be required to pay taxes, following the same path as digital assets traders. Ruling to Take Place Starting 2022 According to a report published by Donga, miners should be accountable for paying taxes by deducting the amount from their earnings. Expressly, officials from the South Korean Ministry of Strategy and Finance are set to apply a new rule for those who earn tokens over $2,220 annually by imposing a 20% tax rate. However, regulators....
Bitcoin price reached $2,850 in South Korea on May 23, due to the rapidly rising demand for Bitcoin and other digital currencies such as Ethereum’s Ether (ETH). While arbitrage opportunities in South Korea always existed since the launch of Korbit, Coinone and Coinhumb, the three leading Bitcoin exchanges in the country, the premium rate rarely went past 10 percent. On May 23, the premium rate on South Korean Bitcoin exchanges nearly reached 30 percent, demonstrating a trading value of $2,850 for Bitcoin, while Bitcoin was being traded in the US and China for around $2,100. The driving....
South Korea will get a separate security tokens market operated by Korea Exchange. Guidelines for security tokens in South Korea will be announced by the end of 2022. Simultaneously, the pilot market with a regulatory sandbox will be launched before the formal institutionalization. Chief South Korean financial regulator, the Financial Services Commission (FSC), published the report with the results of a joint policy seminar it held together with the Financial Supervisory Service, Korea Exchange, Korea Securities Depository and Capital Market Research Institute on Sep. 6. The stakeholders....
A new regulatory overhaul could put 40 out of 60 exchanges out of business in South Korea after the firms are expected to fail to meet the conditions that are being proposed by the Financial Services Commission (FSC). This action might also affect holders of locally used “kimchi” coins, that won’t be able to trade them for fiat in other exchanges. This could bring losses of more than $2.6 billion.
South Korea Exchange Options to Reduce Drastically
A regulatory overhaul might reduce drastically the number of exchanges operation in South Korea. According to FT,....
Some jurisdictions are recently putting up regulatory measures to curb cryptocurrency asset investment challenges. Among the many countries on this move is South Korea. The government is making a few recommendations that will serve as protection for cryptocurrency investors. In addition, it issued some guidelines for companies operating within the crypto industry in South Korea. […]